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Company Profile
BOUTHILLIER CAPITAL (B-CAP)
Portfolio Manager
B-CAP aims to earn competitive return for investors, primarily by fostering innovative investment strategies. The firm is especially interested in absolute return mandates balancing between asset protection and capital enhancement, as well as in atypical investment opportunities exhibiting strong potential return. The manager also offers traditional investment solutions to high-net-worth households and corporations, always tailored to its clients’ needs. For more information…
BOUTHILLIER CAPITAL INC. (“the Company”, “Bouthillier Capital”, “B-CAP”) has been incorporated under the Canada Business Corporations Act in March 2020. Its head office is located in Saint-Lambert, in the province of Quebec, a few minutes from downtown Montreal.
The Company has been registered with the Autorité des marchés financiers (AMF) as Portfolio Manager and Portfolio Manager in derivatives since January 2021, and subsequently with the Ontario Securities Commission (OSC).
NRD #: 69080
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Human Capital
Mathieu Bouthillier, CFA, M.Sc.
Founder, President
Mathieu has numerous experiences in the field of finance, having worked in Montreal and London for BMO, Exotix, J.P. Morgan and Optimum AM, spanning several departments ranging from institutional research to portfolio management, from European equities to emerging market debt instruments. He has access to an international contact and information network.
Mathieu, CFA, holds a BAA in Finance from HEC Montréal, a Specialized Graduate Diploma in financial derivatives from UQÀM in partnership with MX and a Masters Degree in Economics (Finance) from the University of Edinburgh.
01. PROFESSIONAL
Buy side and Sell side: more than 400 reports produced.
Front and Back office.
Common Shares, Fixed Income, Derivatives, etc.
Multidisciplinary professional network.
02. HONEST
It is a promise of hard work, without cutting corners; financial analysis is not a crystal ball. If an answer is not known, it should not be invented, but rather sought.
03. Devoted
Our clients will let you know: Mathieu leaves no stone unturned. He is naturally curious, rigorous and passionate about his work.
His commitment is just as strong to his young family, being the father of three children.
Jean-François Gagnon, CFA
Senior Research Analyst
Jean-François (JF) is a market finance expert with over 20 years of portfolio management experience, particularly in hedge funds. In 2000, he joined Natcan, the asset management subsidiary of National Bank. He quickly distinguished himself by outperforming the benchmark in his first Canadian equities mandate, leading to his expanded responsibilities as the manager of the Dividend Fund. Additionally, he was the first manager assigned to oversee an Altamira fund after its acquisition by the bank. In 2009, JF joined Fiera Capital, contributing to the launch of the Long-Short Fund and the growth of alternative assets under management to $1 billion.
JF excels in the analysis and synthesis of complex issues. As an experienced generalist in various economic and market regimes, he is recognized for his ability to make thoughtful decisions under pressure. Holding a Bachelor’s degree in Business Administration and the CFA charter, he has deep expertise in both micro and macroeconomics, significantly contributing to B-CAP’s analytical processes. His expertise and reputation will support the management and growth of assets under management.
Felix Rivest
Business Development and Research Analyst
Felix is devoted to providing excellent service: customized, professional, honest and on time. Raised in an entrepreneurial family working in the field of retail sales (fashion industry), he has experienced firsthand the often demanding personal commitment that success requires. His sense of entrepreneurship and resourcefulness, combined with his studies in administration at ESG UQÀM, make him a loyal growth engine.
During his free time, Felix enjoys fishing, watching basketball, and running. One of his passions is skiing, a sport he taught in Lanaudière for five years. He aspires to become a CFA charter holder.
Audrée Couture-Martel, CPA, CA
Finance Director
Audrée Couture-Martel has been immersed in the entrepreneurial realm for over 20 years. At the prestigious professional services firm KPMG, she recently held the position of Senior Director, specializing in corporate audit and advisory services related to complex accounting standards. Within this international firm, she honed her skills working closely with executives from over a hundred companies in North America and Europe. She also collaborated with family offices, investment funds, banks, publicly traded companies, and others preparing for an initial public offering. In recent years, Audrée has taken on roles as a consultant and financial director. Her dedication to her community and family reflects her meticulous, thoughtful, and personalized approach to business. Audrée is also recognized for her management skills in planning, problem-solving, coordination, communication, and team supervision. As the Finance Director at Bouthillier Capital, she will oversee administrative, accounting, and financial functions in collaboration with the firm’s service providers.
Team B-CAP at work at a community tree planting event held in Saint-Lambert, QC
Team B-CAP at 2021 Esprit triathlon event held in Montreal, QC
B-CAP has great ambitions! The firm is active in expanding its service offering, building bridges and establishing commercial links.
If you are interested in entrepreneurship, stock markets, customer service and want to explore the field, contact us.
If you wish to offer us a professional collaboration or suggest growth opportunities, contact us.
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Advisory Committee
These dynamic professionals will contribute to broadening the horizons of our strategic decisions by sharing their knowledge and advice with the management. We are honored to have the esteemed backing of accomplished entrepreneurs who share our vision and values. Their support serves as a testament to the strength of our mission and the potential for success that lies ahead. We deeply appreciate their confidence in our endeavors and look forward to achieving new milestones together.
BERTRAND NEPVEU, eng., MBA
Triptyq Capital
Mr. Nepveu is a “technopreneur” who pioneered virtual and augmented reality headset technology, culminating in the successful sale of his company, Vrvana, to Apple in 2017. Committed to fostering the entrepreneurial ecosystem, he co-founded Triptyq Capital in 2021, a technology-focused venture capital firm, and currently serves on the boards of several startups. With a degree in computer engineering from the University of Sherbrooke and an MBA from HEC Montréal, Bertrand brings his keen expertise in growth strategy and innovation to the advisory committee of Bouthillier Capital. He will also contribute his innovative “thinking outside the box” approach and his iconic Pac-Man suit, two distinctive trademarks.
ESTELLE SAVOIE-DUFRESNE, LL.B. /J.D.
Legal Expert & Mediator
Ms. Savoie-Dufresne is an accomplished entrepreneur, qualified as a lawyer and mediator. She possesses extensive expertise in securities, spanning compliance, laws and regulations, implementation of best corporate governance practices, and risk management in the field of financial market law. Her reputation is built on exceptional managerial skills and a strategic vision, contributing to the promotion of ethical and healthy activities in the capital markets of Quebec and Canada. Estelle also sits on the ad hoc discipline committee of the TMX Exchange. Holding an LL.M. and a D.E.S.S. from the University of Sherbrooke, where she currently teaches, she refined her expertise by earning a Juris Doctor degree from Queen’s University and completing courses at Harvard Law School. As a member of the advisory committee of Bouthillier Capital, she shines with her leadership and brings her expertise in securities law and financial market compliance.
YVES DEVIN, Fellow CRIA
Groupe GCD Inc. ; HEC Montréal
Mr. Devin boasts a distinguished professional history spanning various industries, consistently making a profound impact on both organizational dynamics and operational outcomes. His success in shaping the lives of organizations and workers has earned him the prestigious title of Fellow CRIA from the Ordre des conseillers en ressources humaines agréés. With over two decades of experience, Yves has held pivotal roles as the General Manager of the Montreal Casino and later, the Société des transports de Montréal. Subsequently, he established his consulting firm dedicated to corporate executives, named Groupe GCD. Yves fully embodies his role as a mentor, serving as an Associate Professor at HEC Montréal in the Department of Operations Management and Logistics. Additionally, he serves as co-director of Pôle D (production of scientific knowledge on executive leadership) and actively contributes to the Ascension program (strengthening leadership skills). As a valuable member of the advisory committee at Bouthillier Capital, he will leverage his expertise in business management and in-depth knowledge of the Quebec business landscape.
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Our Partners
NATIONAL BANK INDEPENDENT NETWORK (NBIN)
Custody and order execution
Committed to this business for more than 25 years, National Bank Independent Network is one of Canada’s leading providers of custodial, trading, clearing, settlement and record keeping services to independent registered portfolio managers and introducing brokers through innovative product development, expert client care and leading technology. National Bank Independent Network is a division of National Bank Financial Inc., and is also a registered trademark of National Bank of Canada and a wholly owned subsidiary of National Bank of Canada, which is a public company listed on Canadian stock exchanges. National Bank Financial Inc. is a Member of the Canadian Investor Protection Fund (CIPF) and the Investment Industry Regulatory Organization of Canada (IIROC).
→ About BNRI: Information document
® The NATIONAL BANK INDEPENDENT NETWORK logo is a registered trademark of National Bank of Canada, used under license by authorized third parties.
INTERACTIVE BROKERS (IB)
Custody and order execution
Based on its strong financial position, close regulatory oversight, experienced management, best global execution technology and low cost, Interactive Brokers (IB) is increasingly the first choice for prime brokerage and clearing and custody for global financial advisers, funds and other investment professionals. Interactive Brokers Group, Inc. is a company listed on the Nasdaq Stock Exchange under the symbol “IBKR” with a market capitalization of over $30 billion (March 2021). IB LLC has been registered as a broker-dealer with the SEC since 1994 and is a member of the NYSE. The IB Group is currently registered and regulated in each of the 52 US states and territories as well as in more than 50 jurisdictions around the world, in addition to being a member of 120 international exchanges, clearinghouses and trading venues.
Interactive Brokers Canada Inc. is a member of CIPF and IIROC in Canada. Its head office is located at 1800 avenue McGill College, suite 2106 and can be reached at 514 287-0906.
→ www.interactivebrokers.ca (Canadian site)
→ About IB Canada: financial strength and client protection
Interactive Brokers ® is a registered trademark of Interactive Brokers LLC.
NDEX SYSTEMS (NDEX)
Management technology and portfolio administration
Ndex is the only fully independent, multi-custodian wealth management technology provider in Canada. Ndex has grown to support more than 1,300 companies managing more than $200 billion in assets for more than 14 million customers. It interacts with over 200 custodians across North America. Its platform unique approach provides the flexibility and scalability needed to serve a diverse industry. Its clients range from independent brokers and family offices to large wealth management, brokerage and accounting firms. Ndex’s fully integrated system supports both single and multi-custodian platforms. Its top-notch design supports portfolio management, CRM, securities management, trade order management, compliance, expense management, operations, reporting and tax reconciliation for our clients. Ndex’s adaptable platform is well positioned for expansion and supports operations around the world.
Ndex offices are located at 500 rue Saint-Jacques, suite 400 in Montreal and can be reached at 514 288-0908.
→ https://www.ndexsystems.com/about-us
→ Ndex takes the security of customer information seriously and would never sell it; consult its privacy policy
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Media Releases
Les Affaires
by Karl Rettino-Parazelli
Rising Stocks… and Others Grounded
June 19th, 2024
abstract, freely translated by B-CAP
Interest Rates Change the Game
The consumer appetite for travel has acted as a tailwind for publicly traded tourism sector companies over the past few years. However, the rise in interest rates, combined with increases in fuel, wages, and food costs, among others, has emerged as a serious headwind. As a result, some stocks have recorded impressive gains, while others have simply returned to their pre-pandemic levels or even lost ground.
“The environment of high interest rates has greatly influenced investor preference,” argues Mathieu Bouthillier, President and Founder of portfolio management firm Bouthillier Capital (B-Cap). “There is clearly a preference for higher-quality companies that have higher profit margins, barriers to entry, and the ability to raise prices, thus protecting their margins.”
According to him, companies in the tourism and travel sector can essentially be classified into two main categories: those with significant tangible assets (such as airlines and cruise lines) and those with few or none (such as online booking services like Booking Holdings [BKNG, $3,795.35 USD] or Airbnb [ABNB, $144.47 USD]). “Companies with few or no assets are clearly the ones that have performed the best,” he says, as they have not been as affected by the rise in borrowing costs. (…)
Les Affaires Group, specializing in business information, offers content that provides food for thought in terms of business strategy, management, entrepreneurship and personal finance. Les Affaires Group allows you to reach the Quebec business community every month through its publications, websites, events and databases.
OPM WIRE
MONEY MANAGERS
Montreal Emerging manager B-CAP:
An emerging manager based in Montreal with international pedigree.
May 11th, 2024
abstract
(…) The founder of the eponymous Bouthillier Capital is part of a new wave of Canadian emerging managers who have international pedigree. Mathieu Bouthillier has a Masters degree in Economics, with a specialization in finance, from the University of Edinburgh and has worked for JP Morgan in London. Before going on his own at Bouthillier Capital, better known as B-CAP, he worked for 8 years at BMO Nesbitt Burns managing money for high net worth clients.
B-CAP was founded in 2020 and has been officially managing money since January 2021. The firm has already attracted the support of some leading lights in the Montreal finance community as clients. It is registered in Quebec and Ontario. As part of a push into the institutional market, B-CAP has also constituted a board of advisors and added a financial director. Mathieu is himself a director of the Emerging Managers Board, an industry group.
At Nesbitt Burns, Mathieu quarterbacked his advisory team with deep research, analysis and a focus on investment strategy. B-CAP is a continuation of this rigorous work. The core philosophy is to invest systematically, minimizing discretionary decisions and the impact of emotions. Quantitative factors that drive investment return, such as total shareholder yield and return on equity are emphasized.
While B-CAP is a traditional full-service wealth management firm, its focus is on pioneering innovative investments strategies. The firm operates three equity-focused strategies in managed accounts: Defence, Adventurer and GTBT (for Good Times Bad Times, after the Led Zeppelin song).
“A blog about Bay Street, money managers, funds, moguls, who’s killing it, who’s getting killed. No stock picks, no macro.”
Les Affaires
Readers' Submissions
Dividend Secrets: Unlocking Stock Market Success
April 11th, 2024
abstract, freely translated by B-CAP
(…) It is crucial to emphasize that growth opportunities (internal investments within the firm, acquisitions) represent an opportunity cost in relation to dividends.
This fundamental variable naturally varies across different sectors. Consequently, the signaling effect of dividend policy does not uniformly resonate across various types and profiles of firms. In industries with sluggish growth, more profitable companies tend to distinguish themselves from less profitable ones by adopting a more generous dividend policy. High-quality growth companies, characterized by high profit margins and significant corporate investment prospects, already possess distinctively superior attributes and thus may not need to signal their differentiation through dividend payments.
In this specific context, it is essential for researchers to incorporate qualitative attributes such as competitive advantage and innovation into their stock analyses. However, it is worth noting that many of these sought-after high-quality companies may have chosen to establish a dividend policy, often at minimal cost given their financial capacity to do so, and frequently amid rapid growth trajectories.
Our research demonstrates that to optimize long-term total returns for investors, it is vital to carefully assess the future dividends that companies can prudently afford. Companies with robust and expanding profit margins typically offer a steadfast and well-supported return on equity. Retaining a significant portion of earnings enables companies to finance new investment opportunities, thereby maximizing their growth potential. The combination of these two considerations lies at the core of the concept of sustainable growth (designated as g*). Moreover, it is crucial to highlight the growing importance of share buybacks directly undertaken by companies to reduce their outstanding shares. Hence, it is essential to consider the overall distribution accruing directly to the benefit of investors, encompassing not only dividends but also share buybacks.
Les Affaires Group, specializing in business information, offers content that provides food for thought in terms of business strategy, management, entrepreneurship and personal finance. Les Affaires Group allows you to reach the Quebec business community every month through its publications, websites, events and databases.
Les Affaires
by Denis Lalonde
Miser sur la face cachée de l’IA (freely translated to “Focussing on AI’s Hidden Side”)
September 6th, 2023
abstract, freely translated by B-CAP
Who will win the race?
This is the multi-billion dollar question. For the moment, some experts believe it is better to avoid responding by investing in the suppliers of all the current leaders in the sector.
Bouthillier Capital (B-Cap) president and portfolio manager Mathieu Bouthillier puts companies like Broadcom (AVGO, US$851.82) on par with TSMC. “On the other hand, Applied Materials (AMAT, US$144.36), which we hold in our portfolio, produces the components that allow them to produce wafers and semiconductors,” he says. (…)
“With an indirect investment, you become a little more agnostic about who will win the artificial intelligence race, because the company that will have the best technology will need equipment,” explains Mathieu Bouthillier.
Cloud computing giants are getting organized
And data center operators are going to need equipment. A McKinsey & Company study estimates that global spending on data center construction will reach US$31 billion in 2022 and predicts that it will grow at a compound annual rate of 5.4% per year by 2030 for reach US$49 billion.
“The companies at the forefront of the data center industry form an oligopoly between Amazon Web Services (AWS), a subsidiary of Amazon (AMZN, US$133.26), Microsoft Azure (MSFT, US$322.98) ) and Google Cloud, a subsidiary of Alphabet (GOOGL, US$129.88),” maintains Mathieu Bouthillier.
These companies, like all other data center operators, have cost reduction goals and are working to design custom-made processors for their infrastructures. To achieve this, they need software specialized in digital design. “On this side, two companies, Cadence Design Systems (CDNS, US$232.51) and Synopsys (SNPS, US$442.24), control 70% of the global market,” says the B-Cap manager.
The portfolio manager says he is monitoring these two companies carefully, while specifying that the securities, although of “good quality”, are expensively valued. “But on the stock market, if you only buy inexpensive stocks, you often end up with a portfolio that is not worth much,” he says, adding that even in the event that the economic environment deteriorates almost everywhere in the world, around the world, developers will continue to work on their next iterations of microprocessors, which means that both software designers could do well.
Les Affaires Group, specializing in business information, offers content that provides food for thought in terms of business strategy, management, entrepreneurship and personal finance. Les Affaires Group allows you to reach the Quebec business community every month through its publications, websites, events and databases.
THE EMERGING MANAGERS BOARD (EMB)
as featured in IE
B-CAP’s Determination and Agility
February 2022
abstract
Its journey having incidentally started in the unprecedented context of a pandemic, Bouthillier Capital (B-CAP) made it its mission to deliver competitive performances for investors by implementing innovative strategies. The firm’s investment approaches combine capital protection and growth, in addition to pursuing atypical investment opportunities with high performance potential.
(…)
The pandemic has shown better than anything before it the importance of promoting local economies, which is an indispensable value for B-CAP. While many local businesses have taken advantage of the very positive impact of the crisis, the firm leverages this momentum to enhance its reputation in Montréal and in the province of Québec by joining forces with local programs and business partners.
“Being able to talk to one’s portfolio manager directly has a lot of value for many investors”, B-CAP’s Founder says. Also, Mathieu notes how the Québec institutional sector seems to be supporting local companies more and more. It’s in Québec’s cultural DNA to recognize and promote local success stories and talent.
“It is getting difficult to justify choosing investments that are sold by people who don’t know the strategy being used, and in other words can’t describe it to you with true transparency”, he explains.
The texts in the Emerging Managers series are written by the CGE and aim to raise awareness of emerging Canadian managers, their investment strategies, and their achievements.
NATIONAL BANK INDEPENDENT NETWORK
BUSINESS BUILDER
Profile on Independence
Mathieu Bouthillier, Founder & President, Bouthillier Capital (B-CAP)
January 2022
abstract
Mathieu’s diverse experiences and breadth of perspective culminated in a bold vision: an independent, unbiased and educated investment approach. “I wanted to be able to leverage my expertise in research and analysis and my breadth of experience to help people achieve their financial goals.”
At a large organization, this vision would be difficult if not impossible to achieve. In the wealth management divisions of Canadian banking institutions, for example, stocks are sometimes limited to a pre-determined list, which would typically be large cap stocks. Bond inventory available for trading may be in short supply. As for more exotic discretionary strategies incorporating options and warrants, it’s mostly impossible, and certainly frowned upon.
Mathieu added, “The trend that I have witnessed across the industry is that advisors streamline their clients’ books so that they all have similar portfolios that are simple and safe. But there are lots of opportunities in the stock market for those who can see beyond these traditional models.“
“In the brokerage and institutional worlds, you’re going to be restricted in terms of products and mandates.” he explained. “Independence offers opportunities for creativity.”
BUSINESS BUILDERS: Insights and resources for business leaders and financial professionals.
© NBIN, Division of NBF Inc. All rights reserved 2020
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Events
Past Social Event
a tradition straight out of the oven: la Pizza Napoletana al B-Capo
Summer Months’ 2nd Thursday
June 9th, July 14th and August 11th, 2022
B-CAP Office, 577 ave de Brixton, Saint-Lambert
Limited places available
Contact mbouthillier@b-cap.ca
What could be better than having a bite together to get to know each other better, discuss the stock markets, economics or sports…
Bouthillier Capital (B-CAP) invites you to its office and taste delicious pizzas cooked on site in the Neapolitan way, at 577 avenue de Brixton in Saint-Lambert, between 12:00 p.m. and 2:00 p.m.
→ RSVP
Past Conference
B-CAP lifts the hood on its absolute return strategy Good Times Bad Times (GTBT)
Avril 28th, 2022, 14:30
Saint-James Club
Conference on invitation only
Special Guest: Joaquin Kritz Lara, Chief Economist, Numera Analytics
Who Is This Conference For?
The angle of this event is to inform the target audience about economic conditions, geopolitical issues and certain market positions, as perceived by the speakers.
The ultimate goal is to introduce participating firms, including B-CAP’s GTBT portfolio management strategy, in particular how it incorporates various economic signals, including those of Numera Analytics, into its investment decisions.
Thus, the targeted audience is comprised of existing and potential customers (HNW, Family Office, Pension funds, etc.), allocators (consultants, FoF and other organizations), various influencers and active or retired members of the securities industry.
→ RSVP
Numera Analytics is a global provider of macroeconomic and sectoral research. Our team of accomplished economists and industry specialists produce comprehensive analysis and rigorous market studies to guide investment decisions, commercial strategy and risk management.
© 2022 Numera Analytics. All rights reserved.